Hong Kong-listed International Entertainment Corp says it started on Thursday “limited operations” of the casino at its New Coast Hotel Manila (pictured), in the Philippine capital.
The company “will officially takeover the entire casino operation” with effect from Saturday (May 11), under a provisional licence granted by country’s gaming regulator, the Philippine Amusement and Gaming Corp (Pagcor), stated the company in a Thursday filing.
In September, International Entertainment said it would have to invest between US$1.0 billion and US$1.2 billion to develop an integrated resort (IR) with a casino in Manila. The investment pledge was part of the agreement with Pagcor.
The project entails the revamp and expansion of the New Coast Hotel Manila property, which is controlled by one of the group’s units, Marina Square Properties Inc.
Marina Square Properties and another subsidiary of International Entertainment – New Coast Leisure Inc – were granted last year a provisional licence to establish and operate a casino”.
“Pagcor shall issue the regular casino gaming licence upon completion of the project and upon approval … of the licensee’s compliance with the implementation plan in relation to the actual total project costs,” stated the parent firm in September.
International Entertainment will be required, from the date of commencement of the casino operations, to pay a monthly minimum guaranteed share to Pagcor.
Since the company only assumed the casino operations on Thursday, the parent said the group had been allowed by the regulator to pay a “pro-rated monthly” share of PHP60.0 million (US$1.0 million) for the month of May.
The casino at New Coast Hotel Manila had operated until now in premises leased out by International Entertainment to Pagcor.
